Know Your Customer

[Qungis]

No, information about investors is not transferred anywhere and the government will never know that you have invested your money in ICO.

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[Bitexpert2017]

I think everybody wants to make a KYC definition in order to prevent a possible fraud and to be a little stronger in the legal issues, or the users are asking for it, I do not really need it, because it is such a night comfort that being anonymous is also stressless

[GunsLair]

A KYC verification is usually checked by a third side but not by an ICO project team. Therefore, you can take an interest on the site of this company about their terms and conditions - Do they transmit information about the participants to the government or not? One such company is Onfido, for example.

[IldarW]

I also have a lot of questions about this. Most e-commerce transactions are through passwords. People do not meet face to face. Should not know all the information about your customers. But in trade exchange must keep the same credibility.

Because on the cryptomarket it is very easy to launder money and evade taxes. I think it is normal for current market, it is necessary measure in order to more adoption by people.

[ogini]

Everything thing is possible in the crypto world if this future's are not taking place now is possible the government may come up one day and require of such  preparing ahead of time is better

[ilovefeetsmell]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

KYC will reveal your personal information. It is hard to the participants to do a KYC process if she/he only a students. They don't have a valid IDs such as National ID and etc. As a student, I am not qualified with the KYC process and can get your information to make another transaction using your name and other information needed.

[Sled]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

KYC will reveal your personal information. It is hard to the participants to do a KYC process if she/he only a students. They don't have a valid IDs such as National ID and etc. As a student, I am not qualified with the KYC process and can get your information to make another transaction using your name and other information needed.

It is not a huge problem for the students like you to undergo to a KYC process because you can use the valid ID's or government ID's of your parent and you can just use their information. I think that there is no problem to that since they can understand that it is for your business purposes and since they are your parents then it will be easy to borrow id.

[zeingrind777]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

KYC will reveal your personal information. It is hard to the participants to do a KYC process if she/he only a students. They don't have a valid IDs such as National ID and etc. As a student, I am not qualified with the KYC process and can get your information to make another transaction using your name and other information needed.

It is not a huge problem for the students like you to undergo to a KYC process because you can use the valid ID's or government ID's of your parent and you can just use their information. I think that there is no problem to that since they can understand that it is for your business purposes and since they are your parents then it will be easy to borrow id.

how if his parents did not allow him to invest in ICO? You know that many parents do not allow their children to engage in activities outside of the students

[King money]

While KYC's main purpose is to ensure that the ICO team do not issue token to people in jurisdiction that are not supposed to take part in their ICO, and to also make sure that they are aware of exactly who is buying into the ICO.

I think It has affected the bounty hunters in some countries (in the war) they can not claim their prizes because they can not provide documents, as per what I have read in telegram. The bright side of KYC is the spammer filter and those with multiple accounts in this forum.
This is a law we must follow even hunters are required to go with "Know Your Customers" in some prize campaigns. Usually ICO based on US requires KYC.

[trutel]

all reported to the government if the amount is large enough, it is very difficult for someone to keep their identity hidden because every bank transaction is taken care of, and associated with your account.

There are people with black money that is hidden and it is important to know that the money is not black and someone can not run from the obligation to pay taxes.

[rainezerr401]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

In my own opinion, kyc is just fine as long as it was been used only for the investors of the current ico's but if they will place kyc for the bounty participants then it was wrong because they are only workers.

[MakLampir]

I think everybody wants to make a KYC definition in order to prevent a possible fraud and to be a little stronger in the legal issues, or the users are asking for it, I do not really need it, because it is such a night comfort that being anonymous is also stressless

[napi]

know your customer, I think it is very sensitive data and information because it includes like local id and like pasport, I am afraid if must submit it.

[chocolah29]

all reported to the government if the amount is large enough, it is very difficult for someone to keep their identity hidden because every bank transaction is taken care of, and associated with your account.

There are people with black money that is hidden and it is important to know that the money is not black and someone can not run from the obligation to pay taxes.

Well yes, icos are just following the rules of what the association required and we all know cryptos are see as a way to launder a money. As per OP, yes I think if someone invested that kind of amount it automatically ring to authority that's why there's a minimum and maximum investment in every ico to prevent this.

[MiXxe]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

KYC will reveal your personal information. It is hard to the participants to do a KYC process if she/he only a students. They don't have a valid IDs such as National ID and etc. As a student, I am not qualified with the KYC process and can get your information to make another transaction using your name and other information needed.

It is not a huge problem for the students like you to undergo to a KYC process because you can use the valid ID's or government ID's of your parent and you can just use their information. I think that there is no problem to that since they can understand that it is for your business purposes and since they are your parents then it will be easy to borrow id.

how if his parents did not allow him to invest in ICO? You know that many parents do not allow their children to engage in activities outside of the students

If he is beyond the legal age I believe although he is still a student, he can already decide on his own and choose whether to continue bitcoin. If not, then that's the time he needs guidance from his parents especially when the money he is to use came from his parents. Now what he could to is to explain thoroughly the goodness of bitcoin.

[ict]

every transaction must be reported to the government to protect or avoid bad thing. when someone make big transaction, yes the government want to know. what they do with their money. but if you say "so, what about people make transaction with bitcoin that have big value, more than $3k?" let see the regulation, if the platform need to know the information about all user, so it mean its need to make report to government.

[jaocoincrypto18]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

Well, the per policy of the regulation that anytime there is Bitcoin to fiat conversion worth $3,000 above then the local exchanges where required to inform the government agency including our valid government ID in which subject for verification. This is to ensure that you are transferring an huge amount that not involve in money laundering and funded terrorism. Furthermore, this will ensure the safety of your country. 

[d1ceplayer]

No, information about investors is not transferred anywhere and the government will never know that you have invested your money in ICO.

There are lot of rumors around the world regarding the leakage of the data and the personal credentials of the ones who have invested their money into different crypto currencies but the fact is there is nothing like that and that there is no such thing which can make you feel afraid of anything like that. You just need to concentrate on your investment and that you need to deal the things in a proper way.

[Lauff]

most likely KYC is used to know the area because I see there are some countries that are forbidden to participate in some ICO and I do not really know what ICO actually needs some KYC, because in my opinion it is very sensitive data

[senin]

Agree that the ICO team is least interested in identifying your multiple accounts. They just do not care. The main thing is that by these several accounts you normally do your job of advertising their ICO project. Apparently, here the matter is quite different. And first of all, the desire not to pay the earned tokens, if the requirement to pass the procedure for checking KYC is put forward after the end of the ICO.
Do they even have the right to demand that we pass such a test? I think they do not. First of all, because we are not investors and we can not be suspected of laundering dirty money. But the point of this check is precisely this, and not just because of simple curiosity. Also it is necessary to understand who is the client to whom in this case. We provide the ICO team with services in the promotion of their ICO project, they pay us for it. If you look at all, they are in front of us in this regard must pass the KYC test, and not us in front of them.